Norfolk Southern is a leading transportation services provider that operates one of the largest freight railroad networks in the United States. The company specializes in the transportation of a diverse range of goods, including coal, automotive products, and intermodal containers, facilitating the movement of goods across a wide geographical area. Norfolk Southern employs advanced technology and a vast infrastructure to ensure efficient and safe rail operations, playing a crucial role in the supply chain and supporting various industries by enabling the effective delivery of products. Additionally, the company focuses on sustainability initiatives, aiming to reduce environmental impact while maintaining high levels of service.
The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how Norfolk Southern Corporation (NYSE:NSC) and the rest of the transportation and logistics stocks fared in Q3.
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Transportation and logistics solutions provider Universal Logistics (NASDAQ:ULH)
will be reporting earnings tomorrow after market close. Here’s what investors should know.
Stocks are once again slumping, with the Dow Jones Industrial Average down nearly triple digits, as investors weigh rising bond yields with the latest batch of earnings reports.
Shares of freight transportation company Norfolk Southern (NYSE:NSC)
jumped 5.5% in the afternoon session after the company reported third-quarter results that blew past analysts' EPS expectations, mostly due to the sales of two railway lines and an insurance reimbursement related to last year's East Palestine, Ohio incident. Similarly, EBITDA outperformed Wall Street's estimates. On the other hand, its revenue unfortunately missed. Overall, we think this was a solid quarter with some important developments for the business that the market appreciates despite a topline miss.
BofA Securities maintains a Buy rating on Norfolk Southern with a $259 target, citing new CEO Mark George's role in driving operational improvements and reaffirmed 2024 targets.
Norfolk Southern CEO Alan Shaw is expected to step down amid an ethics investigation. His tenure has faced challenges, including a toxic derailment and an activist investor campaign.
Norfolk Southern reported upbeat Q2 results, driving analysts to revise their price targets. RBC lowered to $267, Goldman Sachs raised to $292, and Stifel and Wells Fargo maintained ratings.
